Hi All,
As expected, Nifty faced resistance near
7600 mark and came down silently till 7520-15 odd levels.
On daily charts, Nifty produced yet another
Doji candle, suggesting there is an indecision in the minds of player near the
key resistance level of 7600-7640....
We booked profits yesterday in our short
trade, and will again look forward for going short with a lower risk near
yesterday’s highs, however I will update you on the same. SGX Nifty is trading
marginally up by 5 points, hence, markets are expected to open on a flat note.
On the lower side 7510-7475 will be immediate
supports for Nifty below which 7550-7535-7520-7500 will be the levels to watch
out for. As mentioned in earlier posts, 7400-7390 remains a key for the current
uptrend to continue further.
So in a nutshell, 7390-7420 on the lower
side and 7600-7640 on the higher side can be a broader range for Nifty and an
either side break will confirm the further trend.
A close below / above yesterday’s Doji
candle will be a key to watch out for the future course of action...
Cheers
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